The Asia-Pacific Economic Cooperation (APEC) trade meeting concluded on Friday in South Korea with the adoption of a joint statement acknowledging “fundamental challenges” facing the global trading system, amid ongoing concerns over U.S. tariffs.
This annual gathering was the first significant multilateral trade forum since the announcement of U.S. import duties exceeding 10%, affecting over half of the 21 member economies.
The joint statement expressed members’ commitment to APEC as a key platform for regional economic cooperation and addressing the Asia-Pacific’s economic challenges. It also reaffirmed support for the World Trade Organization (WTO), recognizing its role in advancing trade issues and upholding agreed global trade rules.
APEC had earlier cautioned that exports from the region, which accounts for about half of global trade, may slow sharply this year due to tariff measures.
While some diplomats were initially doubtful about reaching a joint statement, South Korea’s Minister for Trade, Cheong In-kyo, played a pivotal role in building consensus. He noted that the meetings generated momentum to address economic uncertainties through trans-regional cooperation.
The joint statement follows the absence of a communique at the Group of 20 finance ministers meeting earlier this year, where several key officials, including those from the United States, did not participate.
Minister Cheong indicated there was no formal discussion on a coordinated response to tariffs, citing differing national circumstances across member economies.
The presence of U.S. Trade Representative Jamieson Greer added significance to the conference, as many delegates sought bilateral discussions. Greer met with China’s Vice Commerce Minister Li Chenggang, following recent talks in Geneva where both sides agreed to temporarily reduce tariffs for 90 days.
China’s commerce ministry reaffirmed its openness to resolving trade issues through direct communication but did not provide details on ongoing discussions.
Greer also engaged with South Korea’s Minister Cheong and Malaysia’s Trade Minister Tengku Zafrul Aziz, who expressed optimism following their meeting.
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